Tuesday, 24 April 2012

REBgold confirms high grade gold discovery at Osikonmäki East

REBgold (CVE:RBG) has confirmed a new high grade gold discovery at the Rantasalmi gold property, in Finland.
Rantasalmi is a joint venture between REBgold and Belvedere Resources (CVE:BEL).

It has revealed that a recently completed drill programme at the Osikonmäki East prospect’s Upper East HW zone has confirmed the initial find, announced last year.

Drilling has continued to develop and extend the Upper East HW zone, it said. And one drill hole in particular, tagged BELOSI 081, was mineralised for almost its entire 205 metre length, it added.

This zone is now considered by Belvedere to be a significant new discovery.

"With every intersection into the new discovery yielding greater than 100 gram metres of gold the new zone confirms the potential to rapidly build on the current resource at Osikonmäki East,” said Belvedere chief executive David Pym.

“It's position in the hanging wall to the main shear zone, which hosts the bulk of the mineralisation at Osikonmäki East adds
substantially to the potential on the prospect.”

Belvedere says BELOSI 081’s most significant intercept cut 18 metres at an average grade of 5.7 grams per tonne gold, within a broader 35 metre zone averaging 3.2 grams per tonne.

Additionally Belvedere said it has identified the potential for a bulk tonnage target, with what appears to be a zone of lower grade mineralisation adjacent to the discovered high grade zone in the hanging wall.

Pym adds: “While the Osikonmäki East prospect continues to grow, the company remains excited about the overall potential of the Rantasalmi Property.

“Other prospects such as Osikonmäki West and Pirilä areas have not been re-evaluated since their discovery in the late 1980's and the exploration potential for further discoveries appears significant with several gold mineralised boulder trains yet to be traced to source on the property.”

Currently, the Osikonmaki East prospect has an indicated resource estimate of 1.3 million tonnes grading 1.7 g/t gold, for 68,000 contained ounces, and an inferred resource estimate of 3.5 million tonnes grading 2.09 g/t gold, for 244,000 ounces of contained gold.

Belvedere has a portfolio of gold and base metal exploration targets across Finland, which includes the Osikonmaki deposit as well as the Kopsa gold-copper target located close to its producing Hitura nickel mine.

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